The buying process- from previewing homes to contract- usually takes a month or 2 ( that’s about an average of 4–5 meetings to preview homes ), provided there are some good values to preview.
The contract to closing can be longer – 30-90 days…maybe even longer in some cases.
If you are buying a home to live in for at least 2 years , have access to credit, have a down payment & and are not facing any employment related issues; the current market presents an opportunity that savvy buyers are taking advantage of.
Interest rates may come down a bit further in this quarter – as the fed responds to containing the markets turmoil- a necessary cleansing process BTW – presenting an opportunity that is unprecedented.
Once the growing regulations for the mortgage industry & stricter lending requirements ( already there for many banks) are in place, even qualified buyers may have to wait a bit……perhaps save up a bit more to increase their down payment…….we are hearing that 20% may become the minimum standard.
We are seeing quite a few contracts falling through because of this.
Secondly-
None of us have a crystal to predict how long this long this window will last for buyers, but the reality check is in the stabilization for Plainsboro – that has already occurred – West Windsor is fast catching up & in areas close to public transportation & good schools ( that remained a constant even in the shifting market) the sales have been strong .
Homes that are priced & show well- and are in move in condition have been selling quickly .
In Plainsboro, where the inventory has typically been low – this has meant homes going under contract in well under a month- sometimes 1-2 weeks & multiple bidding – I can vouch for both scenarios first hand.
As only local real estate agents are- I am keenly aware of the shifts that have been occurring in this area for the past 2 years as I’ve worked mostly with buyers. especially 1st time buyers.
To have been successful in getting my clients from search – to-contract-to -closing, I have had to monitor all variables that impact the elements of this process & gauge where the trends are moving to.
A thorough planning of your financial situation; including getting preapproved; & timing your purchase decision to make the most of the current tide, would be most beneficial.
As we move into the 1st quarter of 2009, & the early Spring market, we are expecting this stabilization to be more or less in place for most of the areas you may be interested in…….so the risk is being priced out, as the market normalizes.
I hope that this familiarization of the Local Real Estate state of affairs would help you, The First Time Buyer, in analyzing your situation & decision making process.
Please contact me directly for any questions.
As always, comments are welcome. 
